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Meta-Facebook closes Novi, a social cryptocurrency service

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(ANSA) – MILAN, 04 JUL – Facebook-Meta’s Novi project, a service for transferring money through the company’s digital cryptocurrency wallet, will close on 1 September.

The giant himself confirmed this with a message to its users. Both the independent app Novi and the integration for WhatsApp will have limitations as early as July 21, when subscribers will no longer be able to add money to their accounts.

Novi advises everyone to withdraw their balance “as soon as possible”. Novi’s technology will not be abandoned entirely as Meta plans to use it in future products, such as the metaverse project. A company spokesperson told The Verge: “We are using the years spent building projects on blockchain to introduce new products, such as digital collectibles. Expect to see more of us in new contexts, convinced that such technologies can bring great benefits to people and companies in the metaverse “.

Meta launched the Novi pilot in October last year, with the ambition of becoming a reference company in the world of crypto currencies. But instead of a proprietary coin, called Libra, Novi ended up using Paxos Trust’s USDP stablecoin, to allow a larger swath of users to transact. The decision to close Novi comes at a critical time for cryptocurrencies, as the market downturn is intensifying and the liquidity problems of key companies such as Celsius Network and Three Arrows Capital. (HANDLE).

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Source: Ansa

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